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Carrhae Capital LLP

Q2 2025 · Filed 2025-08-05
Market Value
$991M
+22.2%
Holdings
29
New Purchases
10
Added To
5
Closed
6
Reduced
8
Top 10 Concentration
66.7%
Turnover
55.2%

Top Buys (by % of Portfolio)

SymbolCur %Prior %Chg %Value
ERJ 11.34% 0.00% +11.34% $112M
FCX 5.90% 0.00% +5.90% $58M
TSM 5.90% 0.00% +5.90% $58M
YUMC 4.93% 0.00% +4.93% $49M
LVS 4.22% 0.00% +4.22% $42M
PDD 5.32% 2.87% +2.45% $53M
BEKE 2.44% 0.00% +2.44% $24M
VIST 1.93% 0.00% +1.93% $19M
FNV 4.55% 2.62% +1.93% $45M
EDU 1.89% 0.00% +1.89% $19M
GDS 1.29% 0.00% +1.29% $13M
MMYT 5.70% 4.81% +0.89% $57M
EH 0.48% 0.00% +0.48% $5M
BAP 4.82% 4.57% +0.26% $48M

Top Sells (by % of Portfolio)

SymbolCur %Prior %Chg %Value
IBN 0.00% 10.04% -10.04% $0
PBR 0.00% 7.99% -7.99% $0
HDB 0.00% 4.88% -4.88% $0
EGO 9.27% 13.88% -4.61% $92M
ASHR 0.00% 3.45% -3.45% $0
CPA 5.68% 8.87% -3.19% $56M
BABA 6.00% 9.12% -3.12% $59M
GGB 0.00% 2.30% -2.30% $0
SE 6.67% 8.88% -2.21% $66M
TECK 4.51% 5.73% -1.22% $45M
NXPI 1.40% 2.52% -1.12% $14M
KWEB 0.00% 0.83% -0.83% $0
RNW 1.93% 2.66% -0.73% $19M
HBM 1.65% 1.76% -0.10% $16M
SLV 2.17% 2.21% -0.03% $22M

Sector Allocation Over Time

Market Cap Concentration

TierHoldingsValueWeight
Mega Cap 2 $118M 11.9%
Large Cap 15 $577M 58.3%
Mid Cap 11 $291M 29.4%
Small Cap 1 $5M 0.5%

Portfolio Analytics

Avg Market Cap
$118.2B
Median Market Cap
$26.6B
Avg P/E
21.9
Median P/E
17.0
Avg Dividend Yield
0.01%
Avg Beta
0.81
# Stocks
26
# ETFs / Funds
3

Top Holdings (29 total)

# Symbol % Port Shares Value Avg Price Q/Q Value Chg Share Chg Chg % Status
1 ERJ 11.34% 1,973,790 $112M $56.91 +1,973,790 NEW
2 EGO 9.27% 4,514,485 $92M $20.34 -$21M -2,174,819 -32.5%
3 SE 6.67% 412,960 $66M $159.94 -$6M -138,740 -25.1%
4 BABA 6.00% 523,722 $59M $113.41 -$15M -35,251 -6.3%
5 FCX 5.90% 1,349,063 $58M $43.35 +1,349,063 NEW
6 TSM 5.90% 258,001 $58M $226.49 +258,001 NEW
7 MMYT 5.70% 576,586 $57M $98.02 $18M +178,641 +44.9%
8 CPA 5.68% 512,143 $56M $109.97 -$16M -265,786 -34.2%
9 PDD 5.32% 503,595 $53M $104.66 $29M +307,158 +156.4%
10 YUMC 4.93% 1,092,990 $49M $44.71 +1,092,990 NEW
11 BAP 4.82% 213,806 $48M $223.52 $11M +14,931 +7.5%
12 FNV 4.55% 274,946 $45M $163.92 $24M +139,952 +103.7%
13 TECK 4.51% 1,107,431 $45M $40.38 -$2M -168,379 -13.2%
14 LVS 4.22% 961,827 $42M $43.51 +961,827 NEW
15 BEKE 2.44% 1,361,179 $24M $17.74 +1,361,179 NEW
16 SLV 2.17% 656,743 $22M $32.81 $4M +79,783 +13.8%
17 VIST 1.93% 400,582 $19M $47.81 +400,582 NEW
18 RNW 1.93% 2,767,298 $19M $6.91 -$2M -887,693 -24.3%
19 EDU 1.89% 346,937 $19M $53.95 +346,937 NEW
20 HBM 1.65% 1,544,993 $16M $10.61 $2M -331,672 -17.7%
21 NXPI 1.40% 63,342 $14M $218.49 -$7M -44,086 -41.0%
22 GDS 1.29% 416,903 $13M $30.57 +416,903 NEW
23 EH 0.48% 271,700 $5M $17.36 +271,700 NEW
24 KWEB —% -$7M -193,593 -100.0% SOLD
25 ASHR —% -$28M -1,053,785 -100.0% SOLD
26 IBN —% -$81M -2,581,585 -100.0% SOLD
27 HDB —% -$40M -595,900 -100.0% SOLD
28 GGB —% -$19M -6,568,703 -100.0% SOLD
29 PBR —% -$65M -4,516,382 -100.0% SOLD

Options Breakdown

2 Calls $226M Call Value 2 Puts $96M Put Value 0.43 P/C Ratio

Top Calls

SymbolSharesValueStatus
SLV 3,647,500 $120M NEW
ASHR 3,865,000 $106M

Top Puts

SymbolSharesValueStatus
EEM 1,995,000 $96M
FXI $0 SOLD

New Positions

SymbolValue% Port
ERJ $112M 11.34%
FCX $58M 5.90%
TSM $58M 5.90%
YUMC $49M 4.93%
LVS $42M 4.22%
BEKE $24M 2.44%
VIST $19M 1.93%
EDU $19M 1.89%
GDS $13M 1.29%
EH $5M 0.48%

Sold Out Positions

SymbolValue% Port
GGB —%
IBN —%
HDB —%
PBR —%
KWEB —%
ASHR —%
View SEC EDGAR Filings for Carrhae Capital LLP →

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For informational purposes only. Not investment advice. Data sourced from SEC filings. Privacy Terms